QUESTION 2.9 (Incomefromrentalproperty) SmokieRoberts owns a townhouse which he leases to tenantsand derives rental
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QUESTION 2.9 (Income from rental property)
SmokieRoberts owns a townhouse which he leases to tenantsand derives rental income.
The following transactions relate to the 2021/22 income year:
- . Smokie received receipts totalling $23,000 from his real estate agent. This is a net amount. It comprised gross rent of $25,000 less agent's fees of $2,000.
- . Smokie's tenant paid $2,000 as a bond to the Rental Bond Board. This is a security deposit on the property that is refundable when the tenant leaves the property in satisfactory condition.
- . On 15 July 2021, Smokie receivedan amount of $20 being the tenant's share of the lease preparation fee.
- . Smokie received amounts totalling $800 being the tenant's reimbursement of the usage component of water rates.
- . As at 30 June 2022 the tenants owed $1,000 of outstanding rent for the period 16 June to 30 June 2022.
Indicate any amounts from these transactions that is assessable income for the 2021/22 income year.
Related Book For
Canadian Income Taxation Planning And Decision Making
ISBN: 9781259094330
17th Edition 2014-2015 Version
Authors: Joan Kitunen, William Buckwold
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